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2012-12-10 07:14 GMT
Italian PM Monti announces intention to resign; early elections likely in February
The political news coming from Italy, in which current primer minister Mario Monti plans to resign once the 2013 budget goes through parliament and is approved, are not sitting well with the Euro, as investors anticipate it may lead to a new chapter in the EU crisis. The prospects of higher Italian bond yields when Europe opens weighs on the Euro.
The Italian general elections, upon final confirmation, will likely be celebrated in February. Former primer minister Silvio Berlusconi is to run as centre-right candidate, and with the threat of an 'Il Cavaliere'-led anti-euro campaign looming, traders have logically turned cautious. The leading centre-left PD party is still in control, with Berlusconi's centre-right PDL behind by over 16 points.
According to NAB: "Prospects of Italian bond yields spiking higher when Europe opens is driving the euro lower. EUR bears would though do well to note that the People of Liberty party currently trails the centre-left Democratic party by 20% points. Plus, the re-appearance of Mr Berlusconi to the centre of the Italian political stage may well prompt Mr Monti to make him himself available for re-selection as PM after elections now seen likely to occur next February, three months earlier than originally intended." - FXstreet.com
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2012-12-10 13:15 GMT
Canada.Housing Starts s.a (YoY) (Nov)
2012-12-10 17:15 GMT
UK.BoE's Governor King Speech
2012-12-10 21:00 GMT
Australia.REINZ House Price Index (MoM) (Nov)
2012-12-10 21:45 GMT
Australia.Electronic Card Retail Sales (MoM)/(YoY) (Nov)
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2012-12-10 05:33 GMT
GBP/USD outlook bearish below 1.6065 – V.Bednarik
2012-12-10 04:41 GMT
EUR/JPY offered toward 106.00; yen more bid
2012-12-10 03:49 GMT
EUR/USD bears beware ahead of Spanish bailout - UBS
2012-12-10 02:26 GMT
AUD/USD slips to 1.0465 on downbeat China trade numbers
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EURUSD
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HIGH
1.29157
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LOW
1.28871
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BID
1.29066
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ASK
1.29074
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CHANGE
-0.13%
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TIME
08:12:00
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Low
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MARKET ANALYSIS - Intraday Analysis
Pair is losing its neutral structure, as the price has tested new lows today. Next immediate support locates at 1.2888 (S1). Break here is required to enable bearish pressure towards our targets at 1.2867 (S2) and 1.2846 (S3).
Resistance Levels: 1.2929, 1.2952, 1.2971
Support Levels: 1.2888, 1.2867, 1.2846
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GBPUSD
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HIGH
1.60426
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LOW
1.60172
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BID
1.60240
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ASK
1.60247
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CHANGE
-0.07%
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TIME
08:12:01
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Low
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Bearish penetration below the support at 1.6007 (S1) might determine negative sentiment for the remaining of the day with possible targets in focus at 1.5994 (S2) and 1.5982 (S3) intraday.
Resistance Levels: 1.6041, 1.6057, 1.6070
Support Levels: 1.6007, 1.5994, 1.5982
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USDJPY
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HIGH
82.639
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LOW
82.374
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BID
82.410
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ASK
82.415
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CHANGE
-0.07%
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TIME
08:12:04
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OUTLOOK SUMMARY
Sideway
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TREND CONDITION
Sideway
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Low
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We are not expecting significant price deviation later on today, though risk of positive tone establishment is seen above the next resistance level at 82.57 (R1). Any penetration above this level would put in focus higher targets at 82.68 (R2) and 82.77 (R3).
Resistance Levels: 82.57, 82.68, 82.77
Support Levels: 82.30, 82.20, 82.11
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